Employee Retention
Employee retention refers to the ability of an organization to retain its employees. It can be represented by a simple statistic (for example, a retention rate of 85% usually indicates that an organization kept 85% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome.
In a business setting, the goal of employers is usually to decrease employee turnover, thereby decreasing training costs, recruitment costs, and loss of talent and organizational knowledge. By implementing lessons learned from key organizational behavior concepts, employers can improve retention rates and decrease the associated costs of high turnover. However, this isn't always the case. Employers can seek "positive turnover" whereby they aim to maintain only those employees who they consider to be high performers.
Employee Engagement
Employee engagement, also called worker engagement, is a business management concept. An "engaged employee" is one who is fully involved in and enthusiastic about their work and thus will act in a way that furthers their organization's interests. According to Scarlett Surveys, "Employee Engagement is a measurable degree of an employee's positive or negative emotional attachment to their job, colleagues, and organization that profoundly influences their willingness to learn and perform at work."
The Role of HRD in Employee Engagement
- Employee perceptions of job importance
- Employee clarity of job expectations
- Career advancement/improvement opportunities
- Regular feedback and dialogue with superiors
- Quality of working relationships with peers, superiors, and subordinates
- Perceptions of the ethos and values of the organization
- Effective Internal Employee Communications
- Reward to engage
Regards